The U.S. Federal Reserve system is set to reduce its workforce by about 300 employees this year, marking a rare decrease in headcount. The cuts will primarily affect information technology roles and positions related to payment processing, as the Fed consolidates its systems. The reduction in staff is a combination of attrition, retirements, and layoffs. This reduction comes as the number of staff budgeted for the system is expected to decrease by over 500 positions from 2022 to 2023, the first such decline since 2010. The staff cuts occur amidst the central bank’s financial losses and scrutiny from Congress.